Surge Continues to Encounter Robust Lithium Grades Including 31M Intercepts at 4196 PPM Li from Surface in a 640M Step Out to the SE
High-Grade Step-Out Assays Confirm Expansion Potential as Surge Secures $25M War Chest for Nevada Lithium
The news release dated February 17, 2026, reports high-grade lithium assay results from the 2025 drilling program at the Nevada North Lithium Project (NNLP). The headline result is hole NNL-037, a 640-meter step-out to the southeast, which intersected multiple high-grade zones including 31 meters at 4,196 ppm Lithium. Other significant intercepts include 33.62 meters at 4,468 ppm Li (NNL-031) and 39.63 meters at 3,425 ppm Li (NNL-034). The results indicate that the mineralization remains open to the south and east and, crucially, that some of the highest grades are occurring at the edges of the currently defined footprint. Additionally, the company clarified the closing of a $25 million non-brokered private placement at $0.90 per unit.
This news is materially positive for several reasons: - Resource Expansion: The 640-meter step-out significantly increases the potential volume of the deposit. Encountering over 4,000 ppm Li at the "edges" suggests the resource model has substantial room for growth in both size and average grade. - Grade Continuity: The results confirm the continuity of the high-grade horizons (particularly the Cu3 horizon) across a larger area, reducing geological risk for the upcoming Pre-Feasibility Study (PFS). - Financial Stability: The clarification of the $25 million financing at $0.90—well above the current trading price of $0.63—indicates strong institutional or strategic support. This capital removes the immediate "going concern" risk and funds the project through the PFS and into the Definitive Feasibility Study (DFS) stages. - Strategic Validation: The presence of robust grades reinforces the project's status as the highest-grade lithium clay deposit in the United States, a key competitive advantage in a volatile lithium market.
Surge Battery Metals is a Canadian explorer focused on its flagship Nevada North Lithium Project (NNLP) in Elko County, Nevada. The project is a lithium-in-clay deposit characterized by exceptionally high grades compared to peers (e.g., Thacker Pass). - Maiden MRE (Feb 2024): 4.67 Mt LCE at 2,839 ppm Li. - Updated MRE (Sept 2024): 11.24 Mt LCE at 3,010 ppm Li (Inferred). - PEA Results (June 2025): After-tax NPV8 of $9.17 billion and IRR of 22.8%, based on a 42-year mine life.